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they grew at 22% year over year which was a solid growth rate in this environment. and our services we bill after the fact and so that did pull down our billings growth rate, but we think it is well worth it and we still have 22% growth in our subscription business. >> these are all new businesses how are they integrating and what will they do for you in 2013? >> we bought about a year ago and we released the product redhat storage based on the technology in june. so it has been on the market and we have great results. we signed a six figure deal in the first two months. as you know, we talked about the beauty of the subscription model. when you first buy a business. even the six figure deal that we sign, has revenue. so, it is right now has huge, huge, huge potential. we have a significant backlog of demand in storage. we've expect it to do a lot in the billings and bookings. >> i'm sorry. i wanted you to address directly in the time i have left that you have won huge contracts including some taken away by others that have banks. you are winning business and you di
they grew at 22% year over year which was a solid growth rate in this environment. and our services we bill after the fact and so that did pull down our billings growth rate, but we think it is well worth it and we still have 22% growth in our subscription business. >> these are all new businesses how are they integrating and what will they do for you in 2013? >> we bought about a year ago and we released the product redhat storage based on the technology in june. so it has been on...
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i think there's three ways to boost returns in a low returns environment. one is to look outside of mainstream. build a third pillar, if you will. we mostly rely on mainstream stocks and bonds. we have hardly anything in inflation sensitive assets and diversification into alternatives. secondly, look for alpha. try to find managers in strategies that can have value. fundamental index i think is a really important addition to that tool kit. thirdly, be tactical. when yields on bonds go negative or below the rate of inflation, which tacitly means negative yields, look elsewhere. >> bob, on that note. perfect place to leave it. we appreciate your coming by. bob arnott. >>> let's go to seema with a market flash. >> ringo is suing google over what it claims infringement of its search technology. a judge denied google's request for summary judgment and wants both parties to encage in settlements talks with the judge. that's what we understand. the stock up better than 35%. mark cuban has a big stake in this stock as well. >> thank you, seema. >>> this is a deal t
i think there's three ways to boost returns in a low returns environment. one is to look outside of mainstream. build a third pillar, if you will. we mostly rely on mainstream stocks and bonds. we have hardly anything in inflation sensitive assets and diversification into alternatives. secondly, look for alpha. try to find managers in strategies that can have value. fundamental index i think is a really important addition to that tool kit. thirdly, be tactical. when yields on bonds go negative...
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Sep 27, 2012
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you've got to put money to work in this environment. how do you do it when we see the fundamentals are not keeping up with some of this market performance? >> it's a real challenge. the private client was tremendously traumatized by the financial crisis and spooked by technology glitches and continuing scandals in the marketplace. they still don't trust that if they put their money in stocks, bonds, mutual funds, it's going to grow in value over time. we've been encouraging them in as many ways as we can to move out of cash, move out of bonds, which they perceive as safe but have their own risks, into at least a benchmark waiting in equities. the problem is all through this year you've had overhanging uncertainty in the marketplace. first, u.s. economic growth, china, european sovereign debt crisis. those have been replaced right now by, as you've mentioned, fiscal cliff and debt ceiling negotiations. the investor is confused about where to go, but those investors who stayed in cash missed this rally that we've had this year. they shoul
you've got to put money to work in this environment. how do you do it when we see the fundamentals are not keeping up with some of this market performance? >> it's a real challenge. the private client was tremendously traumatized by the financial crisis and spooked by technology glitches and continuing scandals in the marketplace. they still don't trust that if they put their money in stocks, bonds, mutual funds, it's going to grow in value over time. we've been encouraging them in as...
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Sep 28, 2012
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goldman sachs says the current downsizing environment increases the potential for m & a activity. with the clock ticking down to fiscal armageddon, expect defense companies to send out layoffs after the holiday. that's your q-4 channel check for defense. i'm jane wells. >> all right. so let's dig deeper into which defense stocks could feel the biggest impacts if we go off the fiscal cliff. >> joining us is jeremy devaney. do you think we'll see those sequestration cuts in defense next year, $55 billion? >> good afternoon, bill. thanks for having me on. yes, we definitely think the fiscal cliff is coming, especially the sequestration cuts or the budget cuts for the defense department. right now the polarization up on the hill is not allowing for any movement in legislation to resolve that issue. >> all right. so let's talk about sort of breaking this down. first off, when are you expecting the defense companies to alert employees that their jobs will be cut? is that october 1st or november 2nd? what's your end date? >> sure. we're looking at november 2nd right now as the real date.
goldman sachs says the current downsizing environment increases the potential for m & a activity. with the clock ticking down to fiscal armageddon, expect defense companies to send out layoffs after the holiday. that's your q-4 channel check for defense. i'm jane wells. >> all right. so let's dig deeper into which defense stocks could feel the biggest impacts if we go off the fiscal cliff. >> joining us is jeremy devaney. do you think we'll see those sequestration cuts in...
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. >> so as you look forward, how do you invest in an environment that looks like we're going to have easy money for a long time? you've kind of changed the typical asset allocation most people go to. >> oh, yeah, it's a crazy world. at oppenheimer we're talking about the new 60/40. people's portfolios are perfectly positioned for the past. they're positioned for 2008. we're still seeing 30 billion a quarter flowing into core bond funds, which are yielding negative in real terms, below inflation. that's madness from our point of view. investors have to understand that the notion of what is safe and what is risky has to be adjusted a little bit. safe doesn't mean securities that have a lot of interest rate risk and no yield. that is not what safety means to us today. again, given the plentiful liquidity and what we think is a moderate global recovery, we think it's safe to move out into more credit-oriented investments, more higher income investments. >> high yield corporate? >> high yield continues to look good in our view. it's come that lot but far from how tight it can get. there's
. >> so as you look forward, how do you invest in an environment that looks like we're going to have easy money for a long time? you've kind of changed the typical asset allocation most people go to. >> oh, yeah, it's a crazy world. at oppenheimer we're talking about the new 60/40. people's portfolios are perfectly positioned for the past. they're positioned for 2008. we're still seeing 30 billion a quarter flowing into core bond funds, which are yielding negative in real terms,...
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tell me how you see the environment changes and where specifically you would expect growth to happen in technology in the next five years. >> well, i think technology in general -- probably the biggest challenge is not so much the social interactions but everybody's talking so much about data. data is very, very hard to mine correctly. so i think you're going to see a push back towards a lot of enterprise apps that really figure out how it get information to the companies so they can actually be more personalized for the user, but easy to say, a lot to do. >> and really quick, on what you're seeing out there, how tough is europe right now for technology? what are you seeing in terms of the global slow down? >> well, europe continues to baffle us in general in technology. it looks like it's getting softer, not stronger. you know, companies that diversified over the past 20 years do make sure they had good portfolios in all the regions, you know, are taking a hit now with europe. i think it's broad based, so it shouldn't be a knock on any one company. we all know the issues. you better
tell me how you see the environment changes and where specifically you would expect growth to happen in technology in the next five years. >> well, i think technology in general -- probably the biggest challenge is not so much the social interactions but everybody's talking so much about data. data is very, very hard to mine correctly. so i think you're going to see a push back towards a lot of enterprise apps that really figure out how it get information to the companies so they can...
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the environment has also swung back a little bit towards the old hey day. does that mean the approach by private equity firms is also changing back to the more traditional mcdonald snell. >> no, i don't think so. i think the model is permanently changed. you can't buy cheap gear highly and sell deer anymore. they produce better performance, improve profits, expand the geographies that they work in and so on. so i think the model is permanently changed. the odd example of maybe pure engineering. i think fundamentally it's now about being good stewards of the businesses and improving them while you own them. >> appreciate your time. thank you so much for stopping by. >>> the european banking authority will publish its final report on banks' implementation of capital plans at 1,700 cet today. this follows s a 2011 recommendation to restore market confidence. it will be published after the european markets close. joining us now is the head of the european interest rates strategy at barclays. nice to have you onboard with us today. this has been an ongoing theme
the environment has also swung back a little bit towards the old hey day. does that mean the approach by private equity firms is also changing back to the more traditional mcdonald snell. >> no, i don't think so. i think the model is permanently changed. you can't buy cheap gear highly and sell deer anymore. they produce better performance, improve profits, expand the geographies that they work in and so on. so i think the model is permanently changed. the odd example of maybe pure...
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let's get straight to the markets and talk about investing in this environment. gentlemen, good see you. thank you so much for joining us. dan, let me kick this off with you. what do you think happened at end of the day today? seems this market has been trading on some worries last several sessions. yet, we did see some optimism at end of the day. >> absolutely. it's a case of perhaps, you know, still do not fight the fed. what we were watching specifically was apple. you mentioned it. we were looking for support on the stock at around 650. wouldn't you know it, it hit their intraday lows. they don't want to see that stock drop. the interesting thing with that is, you know, apple is a bell weather that's really driving the nasdaq 100, driving a lot of these larger cap benchmarks we follow. if you keep that buoyed, you're going to keep the markets buoyed going forward. >> that's a really good point. i guess, david, for those fund managers who have not owned apple, they're going to be playing catch up fourth quarter so their fund looks better by year end, right? >>
let's get straight to the markets and talk about investing in this environment. gentlemen, good see you. thank you so much for joining us. dan, let me kick this off with you. what do you think happened at end of the day today? seems this market has been trading on some worries last several sessions. yet, we did see some optimism at end of the day. >> absolutely. it's a case of perhaps, you know, still do not fight the fed. what we were watching specifically was apple. you mentioned it. we...
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. >> i think if you look at what's happening in the current environment, this is an environment surrounded with uncertainty. we have the election in front of us here in just about a month. we have china. the best thing that happened to europe in the last several months is the ryder cup today. other than that, europe's really been struggling. here we are sitting in a world of uncertainty and the markets get higher and qe3 comes in remarkably at a high point in the market as opposed to a low point in the past. nothing but fuel to a fire. >> absolutely. go figure. tom, let me get to you. to leo's point about the institutions propping up the market, along with the central bark, he bank, here's a staggering stat. during the time june to august individual investors yanked out almost $40 billion. here's mom and dad at home, retail investors, not participating in this rally. and the fear is they may get in at the top when they think, i don't want to miss out. is that a real danger right now? >> well, i think it is in the short term, yes. i mean unfortunately, we always sort of tend to see the reta
. >> i think if you look at what's happening in the current environment, this is an environment surrounded with uncertainty. we have the election in front of us here in just about a month. we have china. the best thing that happened to europe in the last several months is the ryder cup today. other than that, europe's really been struggling. here we are sitting in a world of uncertainty and the markets get higher and qe3 comes in remarkably at a high point in the market as opposed to a...
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go like a pro. >>> are you hunting for yield in this low interest rate environment? i bet you are. seema mody is looking at big pharma for some benefits. >> cash balances across the pharma sector are increasing. jpmorgan says we could see more cash being returned to shareholders per dividend. pfizer in the last five years has increased its dividend three times, 10%, 11%, and 12.5% respectively. jpmorgan also expects merck will generate roughly $45 billion, or 40% of its current market cap in post-dividend free cash flow through 2017 and it anticipates much of this capital to be returned to shareholders over time. let's keep in mind, four of the largest pharmaceutical firms on average already offer a dividend yield of 4% which is roughly 2% higher than stocks on the s&p 500 and vastly outperforms the 10-year treasury note. even when comparing pharma to other sectors on an aggregate basis, pharma represents the second biggest contributor of any industry, around $26 billion. that major takeaway, it could mean more cash return to shareholder. >>> in the next hour, is amazon's new kindl
go like a pro. >>> are you hunting for yield in this low interest rate environment? i bet you are. seema mody is looking at big pharma for some benefits. >> cash balances across the pharma sector are increasing. jpmorgan says we could see more cash being returned to shareholders per dividend. pfizer in the last five years has increased its dividend three times, 10%, 11%, and 12.5% respectively. jpmorgan also expects merck will generate roughly $45 billion, or 40% of its current...
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so there is -- it's a very skittish, very fragile environment. >> yeah. obviously, the q2 gdp numbers are old, a little dusty here, but they do not show any acceleration which is what we're trying to find clues to in the back half of the of the year. >> i think what happened is europe had a much bigger effect on business sentiment than many people thought. it's been dampening exports and capital spending which is what the durables reflect. as we moved through the summer and stabilized on europe, normally we might get some acceleration. the problem frou is you have the fiscal cliff and the election. people now have yet another excuse not to do anything. had europe not bled into the summer as long as it did, maybe you'd have gotten that spark in activity. but right now you just don't have it. >> are you taking a lot of solace in what housing's done, what confidence is doing? >> yeah, the housing numbers i think are great. that's one of the reasons the economy hasn't been strong to this point in the cycle. housing is keeping us from really stuttering on grow
so there is -- it's a very skittish, very fragile environment. >> yeah. obviously, the q2 gdp numbers are old, a little dusty here, but they do not show any acceleration which is what we're trying to find clues to in the back half of the of the year. >> i think what happened is europe had a much bigger effect on business sentiment than many people thought. it's been dampening exports and capital spending which is what the durables reflect. as we moved through the summer and...
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and sends us into a slower growth environment or even recession. so i think we want to look at both of those possibilities. i would have wanted to see more data on that and see how that's unfolding before we took action. >> i'm really glad you brought up the fiscal deal. we've been talking about this so much on this program, this fiscal cliff. many economists expecting we'll dip back into a recession in 2013 buecause we'll go over the fiscal cliff. obviously no deal before the election. it's a 2013 affair. is that where you stand with the economy, dip back into a recession given where we are with this fiscal cliff? >> well, the cbo's estimates seem to suggest that. if it was just a no deal all around, gdp would decline in the first part of next year. i continue to think that despite all the brinksmanship, there will eventually be some kind of deal. obviously it won't be what everybody wants. it will have to be some kind of compromise. it might be hard to see it right now. but i think there will be some kind of deal. what's bad for the u.s. economy
and sends us into a slower growth environment or even recession. so i think we want to look at both of those possibilities. i would have wanted to see more data on that and see how that's unfolding before we took action. >> i'm really glad you brought up the fiscal deal. we've been talking about this so much on this program, this fiscal cliff. many economists expecting we'll dip back into a recession in 2013 buecause we'll go over the fiscal cliff. obviously no deal before the election....
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this is going to be a challenging environment. mandy, great point. china's deceleration is very important. it's very real. you're seeing that in commodity complex. i think that revenue line is going to be very, very important. that's probably going to come in soft. >> all right. we'll leave it there. thanks, everybody. appreciate your time tonight. we'll keep watching this market and the fundamentals around it. we look now where the big money is eyeing and whether or not foreign money is coming into the u.s. we have henry m henry mcveigh w. tell me what you're hearing. >> the clients with the long-term focus are the ones we traditionally work with. we see opportunities. we have a very big presence in asia. i was just over in hong kong and india. we're finding things to do on the consumer side. i would tell you, i do think the chinese economy in particular, the export economy, is structurally broken. i think that's a big change. i've been going to china since 1995. i think there's a fundamental shift in what's going on. we saw that in the caterpillar
this is going to be a challenging environment. mandy, great point. china's deceleration is very important. it's very real. you're seeing that in commodity complex. i think that revenue line is going to be very, very important. that's probably going to come in soft. >> all right. we'll leave it there. thanks, everybody. appreciate your time tonight. we'll keep watching this market and the fundamentals around it. we look now where the big money is eyeing and whether or not foreign money is...
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going to increase alternative investments so as to try and increase the returns in this low return environment. >> that's what he wants. he wants everybody searching for yields so they put the money somewhere else. they put it to work. they buy a house. this is exactly what he's hoping for, isn't it? >> it's -- it's what he's hoping for. he's hoping for what he would call the wealth effect. and the wealth effect actually is, shall we say, a debatable point. we had a wealth effect out of the housing that led to excesses. so, i would argue that the fed is actually creating more issues down the road. and i can say something positive about it. it's giving the federal government an opportunity to get its house in order. very much like the integration of euro countries back in the last decade where -- >> it's josh. i'm just curious. first of all, i admire your conviction, 35% cash in the midst of a market meltup. i guess john talks about how he wants his investors to judge him over a full market cycle, understanding the fact he will trail in certain types of market environments. how do you feel abou
going to increase alternative investments so as to try and increase the returns in this low return environment. >> that's what he wants. he wants everybody searching for yields so they put the money somewhere else. they put it to work. they buy a house. this is exactly what he's hoping for, isn't it? >> it's -- it's what he's hoping for. he's hoping for what he would call the wealth effect. and the wealth effect actually is, shall we say, a debatable point. we had a wealth effect...
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world's largest private equity firms, so where is it seeing investment opportunities in this uncertain environment right now? kkr's head of global mac roand asset. accolade overdrive. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. >>> welcome back. just keeps getting worse for hewlett packard. seema mody, how bad now? >> we're continuing to watch the big moves in hewlett packard. that's the big tech lagger today. just looking at chart, bill, the stock just broke $15 a share. it's down now 50% from its 2012 intraday high it hit back in february. the stock down about 13% in today's trade. bac
world's largest private equity firms, so where is it seeing investment opportunities in this uncertain environment right now? kkr's head of global mac roand asset. accolade overdrive. zagat just gave hertz its top rating in 15 categories, including best overall car rental. so elevate your next car rental experience with the best. it's just another way you'll be traveling at the speed of hertz. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about...
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, jackie, ibm has been one of those companies that has been able to thrive in all sorts of economic environments. very tough to do in an inno investigation, economy, bill, and where technology moves so fast. as so many of us are witnessing with oracle and its innovation. we have 35 minutes before "the closing bell" sounds. market is higher but well off the highs of the day. >>> hasn't just been stocks making high today. gold hit a nearly one-year high earlier this session, despite beginning what is historically the worst month for the precious metal. will this october buck that trend? we'll look at that coming up. >>> then later on, congress may be on break, yet again, but at least somebody is working on our debt problem. and they claim their solution cuts more than hitting the fiscal cliff would. would be a lot less painful. how's that possible? they're here to explain. stay with us on this. back in a moment. [ male announcer ] the 2013 smart comes with 8 airbags, a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. bi
, jackie, ibm has been one of those companies that has been able to thrive in all sorts of economic environments. very tough to do in an inno investigation, economy, bill, and where technology moves so fast. as so many of us are witnessing with oracle and its innovation. we have 35 minutes before "the closing bell" sounds. market is higher but well off the highs of the day. >>> hasn't just been stocks making high today. gold hit a nearly one-year high earlier this session,...
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back to you. >>> meantime, on the search for yield in this low-rate environment, jpmorgan's naming one sector that just might give you the fix you're looking for. let's -- let's start over from the beginning. we were just driving along, comin' back from the lake, and all of a sudden, ka-plam. it blindsided us. what is it? our college savings account. how do you think it happened? not sure. i think something we bought a while ago turned out to be something else, annnnnd, i remember a lot of other stuff in there had the word "aggressive" in it. is everyone okay? well, now, yeah. who knows later. ♪ who knows later. mike rowe here at a ford tell me fiona, who's having a big tire event? your ford dealer. who has 11 major brands to choose from? your ford dealer. who's offering a rebate? your ford dealer. who has the low price tire guarantee... affording peace of mind to anyone who might be in the market for a new set of tires? your ford dealer. i'm beginning to sense a pattern. buy four select tires, get a $60 rebate. use the ford service credit credit card, get $60 more. that's up to $120
back to you. >>> meantime, on the search for yield in this low-rate environment, jpmorgan's naming one sector that just might give you the fix you're looking for. let's -- let's start over from the beginning. we were just driving along, comin' back from the lake, and all of a sudden, ka-plam. it blindsided us. what is it? our college savings account. how do you think it happened? not sure. i think something we bought a while ago turned out to be something else, annnnnd, i remember a...
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is this the environment in which you want to be weighting into some of these cyclicals? >> you want to invest for 2015, you've got lots of bargains. but there's such heightened uncertainty for the economy midterm to 2013 that we're sort of neutral on most of these stocks. caterpillar, we're neutral. and we think there's some better opportunities, or have been, in companies like eaton and even deere because we think the farm sector improves. cat will have its day. we just have to get through this period of uncertainty and the worries that things could get tougher for next year. >> one of the deans of the industry, eli, thanks much. >> have a good day. >> eli lustgarten from longbow. let's get to brian shactman. breaking news. >> a recap for people. monday night football, the last play of the game, seattle seahawks, controversial play, were winners when it was called a touchdown. vegas and betters, packers went from winners to losers as well and a whole lot of money involved in this play. according to pregame.com, there was $150 million more bet on the packers, which means
is this the environment in which you want to be weighting into some of these cyclicals? >> you want to invest for 2015, you've got lots of bargains. but there's such heightened uncertainty for the economy midterm to 2013 that we're sort of neutral on most of these stocks. caterpillar, we're neutral. and we think there's some better opportunities, or have been, in companies like eaton and even deere because we think the farm sector improves. cat will have its day. we just have to get...
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compared to a lower corporate tax environment is $ billion. it's a tough sell to be patriotic and have that facility in the u.s. cut the corporate tax rate down to a competitive level. i think technology will continue to advance. the problem is keeping the good ideas in the u.s. and create jobs. >> it can happen in spite of things or you can help or be sort of in the way? >> or you can facilitate for an economy which is growing. what we do with foreign graduate students, taxpayer money pays to educate them to get thai masters and ph.d.s and tech topics and our immigration policy says go home. it's a brilliant philosophy. >> you said the growth in intel will be abroad. whatever the tax policy is, i imagine you have to go abroad on manufacturing and engineering. you want to go to the customer. even if we get the rate right which we all want to, what is the ultimate impact? >> you obviously want to have a balance. you look at a company like intel the bulk of it's manufacturing still in the u.s., the bulk of its r&d is in the u.s. and the bulk of
compared to a lower corporate tax environment is $ billion. it's a tough sell to be patriotic and have that facility in the u.s. cut the corporate tax rate down to a competitive level. i think technology will continue to advance. the problem is keeping the good ideas in the u.s. and create jobs. >> it can happen in spite of things or you can help or be sort of in the way? >> or you can facilitate for an economy which is growing. what we do with foreign graduate students, taxpayer...
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saves time, money, and gas and helps the environment. we'll find out what that is a little later. at optionsxpress we're all about options trading. we create easy to use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! strategies, chains, positions. we put 'em all on one screen! could we make placing a trade any easier? mmmm...could we? open an account today and get a free 13-month e ibd™ subscription when you call 1-888-280-0149 now. optionsxpress by charles schwab. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪ for real. ...that make a real difference. i've got two tickets to paradise!l set?
saves time, money, and gas and helps the environment. we'll find out what that is a little later. at optionsxpress we're all about options trading. we create easy to use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! strategies, chains, positions. we put 'em all on one screen! could we make placing a trade any easier? mmmm...could we? open an account today and get a free 13-month e...
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. >> well, i don't think you can do it in this environment. i'd like to see us do whatever we're going to do -- >> the world's gotten a lot more dang ruerous in the last month. >> it is but we're coming out two of wars thate expen expensive, so i think you have to play with the whole deck of cards. in the long run we ought to change our tax system dramatically. i don't think we can do that in the short run. in the long run i'd love to see us go to encouraging savings and investment, some type of consumption tax at the income tax level. >> is anyone going into politics with a full deck of cards? >> well, increasingly no. >> marty, i want to just speak to one issue which is globalization in the whole tax debate during the commercial break, joe and i were talking about revenues, percentage of gdp and given the economic uncertainty and the economic headwinds we've had over the past three or four years but how much, when you think about the little revenue that we're bringing or a lot less revenue we're bringing in, how much of that is a function of
. >> well, i don't think you can do it in this environment. i'd like to see us do whatever we're going to do -- >> the world's gotten a lot more dang ruerous in the last month. >> it is but we're coming out two of wars thate expen expensive, so i think you have to play with the whole deck of cards. in the long run we ought to change our tax system dramatically. i don't think we can do that in the short run. in the long run i'd love to see us go to encouraging savings and...
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dropped by about a third from precrisis levels, basically small businesses are just not growing in this environment and big businesses are chasing profits abroad. so the government is just not getting the tax take on that front. in the asset classes, you can see some of the levels not that good at the moment. bundes still attracting a lot of attention. we've been waiting on spain to fishlgly l-- officially ask fo that aid. nonetheless, we're not seeing too much pressure on the periphery, 5.75%. let me send it back to you. >> thank you very much. the first presidential debate. john harwood is on the ground in denver. he joins us with the latest nbc news "wall street journal" poll. it looks like things are starting to even out at least a little. is this the bounce that president obama got after the democratic convention coming back down? >> well, i think it's the bounce from the convention and the surge that he got on top of the convention with that 47% video, so there is some good news for romney. not only our national poll, but also in the swing state polls that we do with "the wall street journal"
dropped by about a third from precrisis levels, basically small businesses are just not growing in this environment and big businesses are chasing profits abroad. so the government is just not getting the tax take on that front. in the asset classes, you can see some of the levels not that good at the moment. bundes still attracting a lot of attention. we've been waiting on spain to fishlgly l-- officially ask fo that aid. nonetheless, we're not seeing too much pressure on the periphery, 5.75%....